1. Limit Order

Composition: In the limit order, the Price unit of the trading pair is the money of account, and the Amount is the Base currency.

For example, in a TNB/ETH transaction pair, the user fills in:

{

        Price:0.000043 ETH

        Amount:200 TNB

        Side:Buy

}

It means that I hope to buy 200 TNB at the price of 0.000043 ETH. The total transaction amount is 0.000043*200=0.0086 ETH.

Freeze: The limit order will freeze the user’s assets in the order. For example, if the user wants to purchase 20 TNB at 0.001 ETH, the user’s 0.02 ETH assets will be frozen and liquidated after the order is complete.

Deal: The limit order submitted by the user will be arranged into the corresponding price of the order book. The entire order book is based on the two principles of “price priority, time priority”.

Example:

Assume that the order book is in the following table, and 4 users successively perform order operations of 1,2,3,4, and we will analyze the impact of these operations on the order book one by one.

Price(ETH)Amount(TNB)  
0.00004794  
0.00004621 ← 1)  Sell order; limit order; price = 0.000046; amount= 4
0.00004541 ← 2)  Buy order; limit order; price = 0.000045; amount = 37
0.00004415  
0.000043   
0.00004356 ← 3)  Sell order; limit order; price = 0.000043; amount = 6
0.00004241  
0.00004129 ← 4)  buy order; limit order; price = 0.000041; amount = 117
0.00004061  

1) Sell order; limit order; price = 0.000046; amount = 4

The user wants to sell 4 TNB at a price of 0.000046 ETH. Since the selling price is higher than the latest price in the market, it will enter the order book. The order book after the order is as follows:

Price(ETH)Amount(TNB)
0.00004794
0.00004625
0.00004541
0.00004415
0.000043 
0.00004356
0.00004241
0.00004129
0.00004061

2) buy order; limit order; price = 0.000045; amount = 37

The user wants to buy 37 TNB at a price of 0.000045. Since the buyer orders the second highest selling price, the deal will be made directly. On the other hand, this order skips the highest price. In order to maximize the benefits of the maker and the taker, the order will start from the sale of the highest price and will be sold upwards. The result is as follows:

Price(ETH)Amount(TNB)
0.00004794
0.00004625
0.00004519
0.000045 
0.00004356
0.00004241
0.00004129
0.00004061

3) Sell order; limit order; price = 0.000043; amount= 6

The user wants to sell 6 TNB at a price of 0.000043, which happens to be the highest buying price with sufficient commission so it will be completely sold directly. The result is as follows:

Price(ETH)Amount(TNB)
0.00004794
0.00004625
0.00004519
0.000043 
0.00004350
0.00004241
0.00004129
0.00004061

4) buy order; limit order; price = 0.000041; amount = 117

The user wants to buy 117 TNB at the price of 0.000041. Since the price is lower than the latest price in the market, they will enter the order book. The results are as follows:

Price(ETH)Amount(TNB)
0.00004794
0.00004625
0.00004519
0.000043 
0.00004350
0.00004241
0.000041146
0.00004061

2. Market Order 

Composition: In the market order, the price unit of the transaction pair is the money of account, but the user cannot specify the price. The quantity (Amount) is also the money of account. For example, in a TNB/ETH transaction pair, the user fills in:

Price: default market best price

Quantity: 0.3 ETH

Buy/sell: pay the bill

This means that you want to continue to buy at the current market price until the 0.3 BTC is completely bought. The reason why the quantity is ETH instead of TNB is that the market order may deal commissions with different price level, causing price fluctuations, and the price fluctuations will cause the amount that users can buy to fluctuate, resulting in users not being able to buy expected amount. Yet, using the money of account as a unit can avoid this situation.

* In the market order, only the buy order exists, and the price and amount of the market sell order are consistent with the limit order.

Transaction: The market order will be matched immediately after submission. As long as there is sufficient commission in the corresponding buy/sell direction, the market order will be sold until all the amount is completely sold. If the amount is still not fully sold after all the orders have been completed, then the market order will not enter the order book, but will become “finished”, but not completely completed.

Price(ETH)Amount(ETH)  
0.0000470.81  
0.0000460.52  
0.0000450.37  
0.0000440.13  
0.000043  1) buy order; market order; amount = 1.02 eth
0.0000430.55  
0.0000420.64  
0.0000410.3  
0.0000400.2  

The user wants to buy a total of 1.02 ETH TNB in the form of a market order. Since the commission amount of the single price is insufficient, the order will be paid with price upward one by one. The result is as follows:

Price(ETH)Amount(ETH)
0.0000470.81
0.000047 
0.0000430.55
0.0000420.64
0.0000410.3
0.0000400.2

3. Charge of handling fee

Normal transaction fee collection mode: In addition to the package fee required to pay the ByteTrade blockchain network, the transaction fee (combination fee) is charged in the normal situation, and the ByteTrade fee is charged from the assets users receive at 0.08%.

Example:

Take TNB/ETH as an example:

Buying orders at a limit price, receiving TNB as a transaction fee;

Selling orders at a limit price, receiving ETH as a transaction fee;

Buying orders at a market price, receiving TNB as a transaction fee;

Selling orders at a market price, receiving ETH as a transaction fee;

Use BTT to pay transaction fees: 

——Not yet open ——

 In the future, the user may choose to use BTT to pay transaction fees under any circumstance. After the user turns on this switch, the account needs to have some BTT balance. Each time an order is placed, the system first calculates the transaction fee and unit that the user needs to pay according to the normal situation, and then converts the price of the BTT according to the unit into the BTT transaction fee to be paid. In order to avoid price fluctuation during the transaction, The system will freeze two times the number of BTT, following the principle of refund surplus and no supplemental payment for any deficiency, and clear them after the order is over.

Take TNB/ETH as an example, the user submits a limit buy order:

Price=0.000043 ETH

Amount=300 TNB

The calculated normal transaction fee is: 300*0.08%=0.24 TNB

At this time, the latest price of the TNB/BTT transaction pair is: 0.112903 BTT

The conversion of the calculation to the BTT transaction fee is: 0.24*0.112903=0.027096 BTT

The transaction fee for the final order freeze is: 0.027096*2=0.054192 BTT 

Then the 0.054192 BTT will be frozen after the order is submitted and rufund for any overpayment. However, users will not be charged for extra BTT if the real transaction fee is less than 0.054192 BTT.

Download the Timios Global iPhone & Android Apps and enjoy the secure place to manage, use & play with your blockchain assets: